Homestead Development Corporation
Nonprofit profile at a glance
- EIN
- 850866443
- IRS 990 coverage
- 2021–2024
- Forms available
- Form 990 2024, Form 990-EZ 2020
- Location
- Lake Placid, NY, USA
- Phone
- 5182657278
- Rating
- 84
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Housing Development, Construction, Management
Reported finances
- Revenue
- $3,094,710
- Expenses
- $3,765,766
- Assets
- $1,010,818
- Liabilities
- $628,236
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
7 people listed
Executive titles in this filing
- Stephen Sama (President)
- Whit Bissell (Vice President)
People named in this filing
- Stephen Sama (President)
- John B Huttlinger jr (Treasurer)
- Whit Bissell (Vice President)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To construct affordable energy efficient housing for purchase by essential workers in the Village of Lake Placid, New York and the town of North Elba, New York in order to preserve a community lifestyle in an otherwise transient environment.
What it reported doing in 2024
Acquisition of vacant land from donor, completion of engineering design, site preparation, and begin construction of affordable housing complex in Lake Placid and North Elba.
Operating model
- Revenue model
- Earned-program. 77% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 89
- Transparency & Controls: 92
- Accountability: 76
- Sustainability: 18
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 99.4%; rating input score 99
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 3 of 7 controls in place; rating input score 43
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: -21.7%; rating input score 6; 6th percentile among comparable filings
- Total-asset coverage ratio: 0.27; rating input score 8; 8th percentile among comparable filings
- Liabilities to assets ratio: 0.62; rating input score 16; 16th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings
Growth
- Program expense growth: 86.7% per year; rating input score 100; 99th percentile among comparable filings
- Revenue growth: 57.6% per year; rating input score 100; 98th percentile among comparable filings
- Asset growth: 34.4% per year; rating input score 100; 95th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 99.4% of spending went to programs
- Governance: 7 of 7 board members independent · 3 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $3.7M in reported program spending
- Leadership: top reported pay $0 · 7 people listed
- Consistency: 19 of 19 current checks pass
- Schedules: 5 filed schedules · includes major donors
- Filing history: 4 filing years from 2021 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Related organizations: Filed and resolved organization relationships.
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Accountability: Governance controls: 3 of 6 not reported.
- High — Sustainability: Operating margin scored 6/100.
- High — Sustainability: Total-asset coverage ratio scored 8/100.
- High — Sustainability: Liabilities to assets ratio scored 16/100.